Loan Comparison: 3.07% vs 6.5%
1945 Harwood, Colorado Springs, CO 80916 · 3bd/2ba · $379,000
List Price
$379,000
Assumable Rate
3.07%
Remaining Balance
$343,884
Equity Gap
$35,116
Loan Type
FHAAdjust Your Scenario
$18,950
$18,950$35,116
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.07% (FHA)
Blended Rate: 3.31%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,276/moAssumable @ 3.07% + gap loan
$1,587/moAssumed loan: $1,463/mo
Gap financing: $124/mo
$689less per month with the assumable
Your Savings on This Property
1945 Harwood, Colorado Springs · 3.07% FHA vs 6.5% conventional
$689
per month
$8,263
per year
$247,901
over 30 years
$247,901
interest saved
How gap financing works: The equity gap ($35,116) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,950, 5% of purchase price) and a second mortgage for the rest ($16,166 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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